Feature

A Lion in Winter

The lesson from Sarofim's five decades in the investment business: Buy quality stocks; hold them forever.

After more than five decades in the investment business, Fayez Sarofim remains bullish on U.S. stocks, particularly brand behemoths like Coca-Cola and Philip Morris International that he has owned for decades. Sarofim has long favored well-regarded industry leaders over smaller upstarts.

"People always look for the needle in the haystack. Why not buy the haystack?" says Sarofim, 85, who came here from Egypt in 1946 and...